IFFCO signs JV with JPMC to set up Phosphoric Acid Plant

New Delhi, Dec 3 (UNI) The Premier fertilizer Cooperative, Indian Farmers Fertiliser Cooperative Limited (IFFCO) has entered into a joint venture agreement with Jordan Phosphates Mines Company (JPMC) for setting up a 570 million dollars Phosphoric acid plant at Eshidiya mines in Jordan.

An agreement to this effect was signed in Amman, Jordan in the presence of Jordan Prime Minister Nader Al Thahabi by JPMC Chairman Mr Kurdi, and Managing Director, IFFCO Dr U S Awasthi, a few days ago.

IFFCO will buy Phosphoric Acid produced from this project which is likely to create job opportunities for over 500 people, Mr Kurdi said and added that JPMC will hold 48 per cent of the equity while the balance 52 per cent will be held by IFFCO. JPMC will supply around two million rock phosphate to the project annually.

Dr Awasthi said that IFFCO has a long history of cooperation with JPMC and this project would be a jewel in the crown which will enhance cooperation. This will serve the interests of two companies in the global market.

Mr Ratakanda Dayaker, Indian Ambassador in Jordan, described the project as a flagship in the relations that Jordan and India are enjoying, expressing his hope that the project would further contribute to the boosting economic and trade relations between the two countries.

UNI